Saturday, February 18, 2017

Back in the good ole days

Interesting thread over at Explain it like I'm 5: "In the 50's a single person in the US with a decent job requiring little or even no education could provide a comfortable home, education for their children, etc etc by themselves. Why were they paid so much or why hasn't that pay transitioned to 2017?"

Generally speaking, the combined effects of more people entering the workforce (not just white men) along with automation and globalization has tamped down on wages.  Also, some have pointed out that the "basics" of living in modern society - cell phones, Internet, multiple televisions - was not a standard for that era.

1 comment:

Anonymous said...

And in the good old days, you didn't expect to have your heart fixed, cancer cured or ailing joints replaced. modern medicine costs alot, and we expect it to be free.